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Notes to Accounts of Consolidated Finvest & Holdings Ltd.

Mar 31, 2015

NOTES 1: CORPORATE INFORMATION

Consolidated Finvest & Holding Limited ('the Company') is a public company incorporated in India and regulated by the Reserve Bank of India ('RBI') as an Investment Company - Non-Deposit taking Systemically Important Investment Company ('NBFC-ND-SI') engaged in the business to provide loans & make investments.

NOTES 2: BASIS OF PREPARATION

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements in compliance with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 2013.

3. In the opinion of the Board of Directors, current assets, loans & advances have value on realisation at least equal to the amount at which they are stated unless stated otherwise.

4. The Fixed Assets which are presently not in the name of the company were acquired / transferred / taken over only through merger/ amalgamation scheme approved by the High Courts and are in the possession of the Company and are being used by it

5. As per Accounting Standard 15 " Employee Benefits" , the disclosures of employee benefits as defined in the accounting standard are given below:- a) Contribution to Defined Contribution Plan, recognised as expenses for the year is Rs.22,394 towards employer's contribution to Provident fund.

b) Defined Benefit Plan

The present value of obligation for gratuity is determined based on acturial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

c) The obligation for leave encashment for Rs. 23,687/- (Prev year Rs 22,370/-) is recognised, provided for and paid on yearly basis

6. The company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and therefore disclosures, as required under the said act has not been given.

7. The company has made provision of Rs.92,382/- (Prev. Year Rs 2,55,733/-) on standard assets as per Reserve Bank of India, DNBS vide notification No.RBI/2010-11/370-DNBS PD.CC.No.207/03.02.002/2010-11,dated .January 17,2011.

8. During the year, company has restructured an Unsecured loan on 30.11.2014 given to Global Nonwoven Limited amounting Rs. 1,00,00,000/-on which interest aggregating to Rs 2,05,097/- for the period of October-2014 to November-2014 has been included in the loan. Interest for the moratorium period of 01.12.2014 to 31.12.2015 will be accumulated in the loan and repaid in four quarterly installments.

9. During the year company has converted interest free loan given to its wholly owned subsidiary, Consolidated Finvest & Investments Limited (CFIL) amounting to Rs. 5,59,00,000/- into equity shares and received 115,500 shares of Rs 10 each at premium of Rs 475 per share amounting to Rs 5,60,17,500/- .

10. Effective 1st April, 2014, the company has revised its estimated useful life of fixed assets, wherever appropriate, on the basis of useful life specified in Schedule II of the Companies Act, 2013. The carrying amount as on 1st April, 2014 is depreciated over the revised remaining useful life, except fixed assets in respect of Bhimtal unit (discontinued operation). As a result of these changes, the depreciation charged for the period ended 31st March, 2015 is lower by Rs. 98,988/-.

11. During the year the company has made a provision of Rs. 1,00,00,000 for permanent diminiution of its investment in equity share of Jesmin Investments Limited, which has been shown as exceptional item.

12. The Company is mainly engaged in the investments activities and do not qualify for separate reporting as required by AS-17 on "Segment Reporting".

13. Disclosures as required by Accounting Standard-18 "Related Party Disclosure" issued by the Institute of Chartered Accountants of India are as follows:

(A) List of Related Parties

a) Controlling Company

Consolidated Photo & Finvest Ltd.

b) Subsidiaries

Jindal Photo Investments Ltd. Jesmin Investments Ltd. Consolidated Finvest & Investment Ltd Budhiya Marketing Pvt Ltd

c) Associate Compnay

Rishi Trading Co. Ltd

Horizon PropBuild Ltd

Glow Infrabuild Ltd

Jindal Poly Films Ltd.

Jindal Poly Investment & Finance Company Ltd

Consolidated Green Finvest Pvt.Ltd

Rexor Holding SAS

d) Key Management Personnel

Mr. Radhey Shyam, Managing Director, upto 12-08-2014

Mr. Sanjiv Kumar Agarwal, Managing Director, w.e.f. 13.08.2014

Mr. Anil Kaushal, Company Secretary

Other Directors

Mr. Ghanshyam Dass Singal, Director Mr. Praveen Bansal, Director Ms. Geeta Gilhotra, Director

14. Figures for the previous year have been regrouped/ re-arranged/ reclassified/ recasted wherever considered necessary to confirm to this years classification.

15. All the figures have been rounded off to the nearest rupee.


Mar 31, 2013

Notes : 1 DEFFERED TAX

As per Accounting Standard-22 "Accounting for Taxes on Income" and measured at the tax rates that have been enacted or substantially enacted by the balance sheet date. The Deferred Tax Liability/(Asset) comprises of tax effect of timing difference on account of:

note: 2 DISCONTINUED OPERATION

As per Accounting standard 24 issued by ICAI, Company had discontinued the operations of PCP,Roll Films and PPFY f acility at Bhimtal (Uttrakhand) and Gulaothi (Uttar Pradesh) units, as these have been terminated through abandonment.

Following is selected fnancial information included in loss from discontinued operations for the Bhimtal & Gulaothi units:-

3 CONTIGENT LIABILITIES

as at As at 31.03.2013 31.03.2012 (rs.) (Rs.)

Various Sales Tax/Excise Demand, against whitch Appeals are pending 769,349 769,349

Income tax 4,510,283 4,510,251

5,279,632 5,279,600

4 In the opinion of the Board of Directors, current assets, loans & advances have value on realisation at least equal to the amount at which they are stated unless stated otherwise.

5 The Fixed Assets which are presently not in the name of the company were acquired / transferred / taken over only through merger/amalgamation scheme approved by the High Courts and are in the possession of the Company and are being used by it

6 As per Accounting Standard 15 "Employee Benefts", the disclosures of employee benefts as defned in the accounting standard are given below:- a) Contribution to Defned Contribution Plan, recognised as expenses for the year is Rs.21243 towards employer''s contribution to Provident fund.

b) Defned Beneft Plan

The present value of obligation for gratuity is determined based on acturial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee beneft entitlement and measures each unit separately to build up the fnal obligation.

The estimates of rate of future salary increase takes account of infation,seniority,promotion and other relevant factor on long term basis.The discount rate is generally based upon the market yields available on Government bonds at the accounting date with a term that matches that of liability. The above information is certifed by the actuary.

c) The obligation for leave encashment for Rs.33538/- is recognised,provided for and paid on yearly basis

7 The company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and therefore disclosures,as required under the said act has not been given.

8 The company has made provision of Rs.13,30,645/- on standard assets as per Reserve Bank of India,DNBS vide notifcation No.RBI/2010-11/370-DNBS PD.CC.No.207/03.02.002/2010-11, dated January 17,2011.

9 The Company is mainly engaged in the investments activities and do not qualify for separate reporting as required by AS-17 on"Segment Reporting".

10 Disclosures as required by Accounting Standard-18 "Related Party Disclosure" issued by the Institute of Chartered Accountants of India are as follows :

(a) list of related Parties

a) controlling company

Consolidated Photo & Finvest Ltd.

b) subsidiaries

Jindal Photo Investments Ltd. Jesmin Investments Ltd. Consolidated Finvest & Investment Ltd Global Nonwovens Ltd Glow Infrabuild Ltd Horizon Prop build Ltd Budhiya Marketing Pvt Ltd

c) associate compnay

Rishi Trading Co. Ltd Jindal Poly Films Ltd. Consolidated Green Finvest Pvt. Ltd Rexor Holding SAS

d) key Management Personnel

Mr. Radhey Shyam

11 Particulars in respect of Loans/Advances/Investments as required under clause 32 of the Listing Agreement.

12 Figures for the previous year have been regrouped/ re-arranged/ reclassifed/ recasted wherever considered necessary to confrm to this year''s classifcation.

13 During the year the company has made a provision of Rs.110.00 Lacs for permanent diminiution of its investment in equity share of Spentex Industries limited which has been shown as exceptional item.

14 All the fgures have been rounded off to the nearest rupee.


Mar 31, 2012

NOTES : 1 SHARE CAPITAL

a) ISSUED , SUBSCRIBED & PAID UP CAPITAL

I) RIGHTS, PREFERENCES AND RESTRICTIONS ATTACHED TO SHARES

Equity Shares

The Company has one class of equity Shares having a per value of Rs.10 each. Each shareholder is eligible for one vote per share held The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company.

NOTE:- 2 DISCONTINUED OPERATION

As per Accounting standard 24 issued by ICAI, Company had discontinued the operations of PCP, Roll Films and PPFY facility at Bhimtal (Uttrakhand) and Gulaothi (Uttar Pradesh) units, as these have been terminated through abandonment.

3. Contingent Liabilities:

Various Sales Tax/Excise Demand, against whitch Appeals are pending 769,349 769,349

Income tax 4,510,251 11,245,115

Uncalled money pending - 314,000,000

5,279,600 326,014,464

4. In the opinion of the Board of Directors, current assets, loans & advances have value on realisation at least equal to the amount at which they are stated, unless stated otherwise.

5. The Fixed Assets which are presently not in the name of the company were acquired/transferred/taken over only through merger/amalgamation scheme approved by the High Courts and are in the possession of the Company and are being used by it

6. As per Accounting Standard 15 "Employee Benefits", the disclosures of employee benefits as defined in the accounting standard are given below:-

a) Contribution to Defined Contribution Plan, recognised as expenses for the year is Rs. 23010 towards employer's contribution to Provident fund.

b) Defined Benefit Plan

The present value of obligation for gratuity is determined based on acturial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

c) The obligation for leave encashment for Rs. 26154/- is recognised, provided for and paid on yearly basis

7. The company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and therefore disclosures, as required under the said act has not been given.

8. The Company is mainly engaged in the investments activities and do not qualify for separate reporting as required by AS-17 on "Segment Reporting".

9. Disclosures as required by Accounting Standard-18 "Related Party Disclosure" issued by the Institute of Chartered Accountants of India are as follows :

(A) List of Related Parties

a) Controlling Company

Consolidated Photo & Finvest Ltd.

b) Subsidiaries

Oindal Photo Investments Ltd.

Jesmin Investments Ltd.

Consolidated Finvest & Investment Ltd

c) Assoriate Company

Universal Foils Ltd.

Rishi Trading Co. Ltd

Jindal Poly Films Ltd.

Consolidated Green Finvest Pvt.Ltd

Rexor Holding SAS

d) Key Management Personnel Mr. Radhey Shyam

10. Figures for the previous year have been regrouped/re-arranged/reclassified/recasted wherever considered necessary to confirm to this year's classification.

11. All the figures have been rounded off to the nearest rupee.


Mar 31, 2011

1. Contingent Liabilities: As at As at 31.03.2011 31.03.2010 (Rs.) (Rs.)

Various Sales Tax/Excise Demand,against whitch Appeals are pending 769,349 769,349

Income tax 11,245,115 -

Uncalled money pending 314,000,000 -

2. Balance with Sundry debtors and advances from customers are subject to confirmation and reconciliation.

3. In the opinion of the Board of Directors, current assets, loan & advances have a value on realisation at least equal to the amount at which they are stated unless stated otherwise.

4. The Fixed Assets which are presently not in the name of the company were acquired / transferred / taken over only through merger/ amalgamation scheme approved by the High Courts and are in the possession of the Company and are being used by it.

5. As per Accounting Standard 15 "Employee Benefits", the disclosures of employee benefits as defined in the accounting standard are given below:-

a) Contribution to Defined Contribution Plan, recognised as expenses for the year is Rs.10640 towards employer's contribution to Provident fund.

b) Defined Benefit Plan

The present value of obligation for gratuity is determined based on acturial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

c) The obligation for leave encashment for Rs.24352/- is recognised,provided for and paid on yearly basis.

6. The company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and therefore disclosures, as required under the said act has not been given.

7. The company has made provision of Rs.119445/- on standard assets as per Reserve Bank of India,DNBS vide notification No.RBI/2010-ll/370-DNBS PD.CC.No.207/03.02.002/2010-11, dt. January 17, 2011.

8. Provision for diminution in value of investments of provided for Rs.9,12,50,635/- in respect of investment in shares of Jesmin Investments Ltd.

9. The profit on sale of Investments in Mutual fund/shares includes profit (net) on sale of current investment amounting to Rs.206.59Lacs (Previous Year Rs.0.31.lacs) which were purchased & sold during the year,the cost being Rs.24975.04 lacs (Previous Year Rs.1970.58 Lacs)

10. The Company is mainly engaged in the investments activities and do not qualify for separate reporting as required by AS-17 on"Segment Reporting".

11. Disclosures as required by Accounting Standard-18 "Related Party Disclosure" issued by the Institute of Chartered Accountants of India are as follows:

(A) List of Related Parties

a) Controlling Company

Consolidated Photo & Finvest Ltd.

b) Subsidiaries

Jindal Photo Investments Ltd.

Jesmin Investments Ltd.

Consolidated Finvest & Investment Ltd

c) Associate Company

Universal Foils Ltd.

Rishi Trading Co. Ltd.

Jindal Poly Films Ltd.

Consolidated Green Finvest Pvt. Ltd.

Vigil Farms Limited (Upto 31.12.2010)

Jindal Buildmart Ltd (Upto 31.12.2010)

d) Key Management Personnel

Mr. S.K.Mittal

12 . Figures for the previous year have been regrouped/ re-arranged/ reclassified/ recasted wherever considered necessary to confirm to this year's classification.

13. All the figures have been rounded Off to the nearest rupee,

14. Schedule 'A' to "L" are annexed to and form part of Statement of Accounts.


Mar 31, 2010

1. Contingent Liabilities: As at As at

31.03.2010 31.03.2009 (Rs.) (Rs.)

Various Sales Tax/Income tax/Excise Demand,against 7,69,349 7,69,349 which appeals are pending

Year Ended Year Ended

31.03.2010 31.03.2009

(Rs.) (Rs.)

2. The Auditors Remuneration includes the following

Audit Fee 110,300 110,300

Other Services 61,769 114,454

Reimbursement of Expenses 16,545 16,854

188,614 241,608

3. Balance with Sundry debtors and advances from customers are subject to confi rmation and reconciliation.

4. In the opinion of the Board of Directors, current assets, loan & advances have a value on realisation at least equal to the amount at which they are stated unless stated otherwise.

5. The Fixed Assets which are presently not in the name of the company were acquired / transferred / taken over only through merger / amalgamation scheme approved by the High Courts and are in the possession of the Company and are being used by it

6. As per Accounting Standard 15 "Employee Benefi ts", the disclosures of employee benefi ts as defi ned in the accounting standard are given below:- a) Contribution to Defi ned Contribution Plan, recognised as expenses for the year is Rs.11531 towards employers contribution to Provident fund.

b) Defi ned Benefit Plan

The present value of obligation for gratuity is determined based on acturial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefi t entitlement and measures each unit separately to build up the fi nal obligation.

c) The obligation for leave encashment of Rs. 16675/- is recognised, provided for and paid on yearly basis.

7. The company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises. Development Act 2006 and therefore disclosures,as required under the said act has not been given.

8. Board of Directors in their meeting held on 10.11.2009 withdrawn the Composite Scheme of Arragement between the Company (CFHL) and Jindal India Finvest & Holding Limited (JIFHL) and Jindal India Powertech Limited (JIPL) and their respective shareholders from the Honble High Court at Allahabad.

9. The Company is mainly engaged in the investments activities and do not qualify for separate reporting as required by AS-17 on"Segment Reporting".

10. Disclosures as required by Accounting Standard-18 "Related Party Disclosure" issued by the Institute of Chartered Accountants of India are as follows :

(A) List of Related Parties

a) Controlling Company

Consolidated Photo & Finvest Ltd.

b) Subsidiaries

Jindal Photo Investments Ltd.

Jindal India Finvest & Holdings Ltd. (Up to 30.01.2010)

Jesmin Investments Ltd.

c) Associate Company

Universal Foils Ltd. Rishi Trading Co. Ltd Jindal Poly Films Ltd. Soyuz Trading Co. Ltd Vigil Farms Ltd Jindal Buildmart Ltd

d) Key Management Personnel

Mr. S.K.Mittal

11. Figures for the previous year have been regrouped/ re-arranged/ reclassifi ed/ recasted wherever considered necessary to confi rm to this year`s classifi cation.

12. All the fi gures have been rounded off to the nearest rupee.

13. Schedule `A` to `L` are annexed to and form part of Statement of Accounts.

 
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